Arab countries most reliable energy suppliers: Oapec

Arab countries most reliable energy suppliers: Oapec

The Organisation of Arab Petroleum Exporting Countries (Oapec) have said that its members support the long-term oil-indexed contracts for natural gas as they provide guaranteed stability to the market as well as minimise risks on capital-intensive projects.

 

"In our opinion, long-term contracts bring stability and a win-win situation between the suppliers and the consumers,“ the officials of the Kuwait-headquartered agency said at the 48th edition of the GECF Gas Monthly Lecture Series, organised by the Gas Exporting Countries Forum (GECF), and entitled 'The Natural Gas Industry in Arab Countries: Reality and Prospects'. 

 

Oapec's Secretary General Ali Sabt BenSabt, Director of Technical Affairs Department Dr Samir Mahmoud Elkareish, and Gas Expert Eng Wael Hamed Abdel Moati noted that between 1990 and 2019 the Arab region witnessed the highest total growth rate of proven gas reserves in the world, from 25 tcm to almost double at 55 tcm, and yet the production did not match the pace of findings.

 

"We are (the Arab region) producing 60% of the global gas production while holding 27% of the proven gas reserves. In comparison, North American holds 8% of the reserves while producing 28% of the global gas production. The proportionality of gas reserves growth to

gas production growth